Broward County –With an ordinance sponsored by Commissioner Dale V.C. Holness, commissioners unanimously voted to increase the additional homestead exemption from $25,000 to $50,000 for persons 65 and older who meet income restrictions at today’s commission meeting.
For example, if a home is valued at $100,000 and a homeowner qualifies for the $25,000 exemption, they pay taxes on the home as if it was $75,000. With the additional $25,000, a homeowner would pay taxes on the home as if it were valued at $50,000.
“I am bringing this item forward for the seniors who are on a fixed income. I want to ensure we are helping those who have lived a long time to be able to stay in their homes and not be burdened by taxes”, said Commissioner Holness.
In 1999, Broward County enacted a $25,000 property tax exemption for low income seniors, currently more than 20,000 properties in Broward County are receiving this exemption. With the passing of this ordinance, approximately 10,000 property owners would save amounts ranging up to a maximum of $143.
